Circulars

TITLE:MF22/2018: Amendments to the By-Laws (On Professional Ethics, Conduct and Practice) of Malaysian Institute of Accountants

DATE:07/11/2018

7 November 2018

Circular No. MF22/2018

TO ALL MEMBER FIRMS

AMENDMENTS TO THE BY-LAWS (ON PROFESSIONAL ETHICS, CONDUCT AND PRACTICE) OF MALAYSIAN INSTITUTE OF ACCOUNTANTS

The Council of the Institute has on 25 October 2018 approved the amendments to the Institute’s By-Laws (On Professional Ethics, Conduct and Practice) in respect of:

(a)

Sections 290.515 - 290.535, Long Association of Personnel (Including Partner Rotation) with an Audit Client; and

(b)

Sections 291.160 - 291.164, Long Association of Personnel with an Assurance Client.

Subject to the transitional provision below, Sections 290.515 - 290.535 are effective for audits of financial statements for periods beginning on or after 15 December 2018. Sections 291.160 - 291.164 are effective as of 15 December 2018.

Section 290.530 shall have effect only for audits of financial statements for periods beginning prior to 15 December 2023. This will facilitate the transition to the required cooling-off period of five consecutive years for engagement partners in those jurisdictions where the legislative body or regulator (or organisation authorised or recognised by such legislative body or regulator) has specified a cooling-off period of less than five consecutive years.

By inserting the above sections, the following sections of the Institute’s By-Laws (On Professional Ethics, Conduct and Practice) are replaced effective 15 December 2018: